{"id":238419,"date":"2019-09-26T09:57:57","date_gmt":"2019-09-26T13:57:57","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=238419"},"modified":"2019-09-26T09:57:57","modified_gmt":"2019-09-26T13:57:57","slug":"crypto-market-bleeds-following-massive-bitcoin-sell-off","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/crypto-market-bleeds-following-massive-bitcoin-sell-off","title":{"rendered":"Crypto Market Bleeds Following Massive Bitcoin Sell Off"},"content":{"rendered":"

The past 24 hours have seen a massive $30 billion crash in the crypto market following one of the largest Bitcoin sell offs this year.<\/p>\n

Currently trading at $8,410, the flagship cryptocurrency has dropped 13.75% over the past 24 hours according to data from Coinmarketcap<\/a>.<\/p>\n

Coming from a high of $10,232 barely a week ago, it has been sliding over the past few days, finally breaching the $10,000 support on September 23.<\/p>\n

Given the underwhelming Bakkt launch and the failure of the market to react as expected, analysts had consequently predicted the huge drop.<\/p>\n

Based on Bitcoin\u2019s daily chart, the top crypto today broke out of the descending triangle that had been forming since June 26.<\/p>\n

The flash sale that has caused the astounding price crash came with an unexpectedly large volume of support. BTC has traded more than $28 billion over the past 24-hour period.<\/p>\n

 <\/p>\n

$30 Billion Wipe-Off<\/strong><\/h2>\n

The outlook of the rest of the market is more or less the same with a majority of altcoins bleeding in the double digits.<\/p>\n

In fact, with the exception of stablecoins and two altcoins, Paxos Standard and UNUS SED LEO, the rest of the top 50 altcoins have shed off more than 10% since yesterday.<\/p>\n

Ethereum has lost 15.02% and is currently trading at $168.32 while Ripple (XRP) is currently trading at $0.237, hitting a new yearly low with an 11.79% drop.<\/p>\n

Tether is now in the fourth position as Bitcoin Cash and Litecoin have lost 22.88% and 17.51% respectively during the same period.<\/p>\n

As a result of these huge drops, the cryptocurrency market as a whole has lost over $30 billion and is currently worth $219.5.<\/p>\n

Bitcoin still holds the dominant position with a 68.8% market share at press time.<\/p>\n

 <\/p>\n

Hodlers\u2019 Opportunity to Buy Low<\/strong><\/h2>\n

The crypto market has, as usual, experienced mixed reactions to the news, with some pointing to lower slides in the coming days.<\/p>\n

According to Peter Schiff<\/a>, \u201cThis is a very a bearish technical pattern …\u00a0 The risk is high for a rapid decent down to $4,000 or lower!\u201d<\/p>\n

But for others like analyst Josh Rager<\/a>, this is yet another buying opportunity for Bitcoin hodlers.<\/p>\n

\u201cIf this isn\u2019t a bear trap I do see price heading down to low $7ks. Lots of buyers are waiting between $6180 & $6500\u201d he said.<\/p>\n

From a hodler\u2019s perspective, a massive price drop is always an opportunity to add to the crypto portfolio by buying low rather than panic selling during bear markets.<\/p>\n

To address liquidity issues during such times, YouHodler<\/a> offers the opportunity to use your existing cryptocurrency portfolio as loan collateral<\/a> to secure funding for such an investment. By taking advantage of the service, you would not have to sell at the current lows so as to get a chance to increase your portfolio.<\/p>\n

Given the fact that it offers one of the highest LTVs in the market at 90%, you get high value for your collateral, which can translate to a larger investment opportunity.<\/p>\n

You could also take advantage of the platform\u2019s crypto credit line to access a recurring line of credit for timely investments in the highly volatile crypto market.<\/p>\n

And thanks to the Price Down Limit (PDL) feature<\/a> on the platform, you have a measure of protection for your collateral in case of extreme volatility.<\/p>\n","protected":false},"excerpt":{"rendered":"

The past 24 hours have seen a massive $30 billion crash in the crypto market following one of the largest Bitcoin sell offs this year. 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